An Open Letter to Elizabeth Warren on Gold Fraud

The letter posted below is from Stewart Dougherty. Elizabeth Warren on the surface purports to represent middle class interests by associating herself with the erection of the Consumer Financial Protection Bureau. But she has turned out to be another faux populist who panders to the public in order to generate voter support and, in reality, sides with the rest of her cronies and looks other way while Corporate America steals our wealth.

The Consumer Financial Protection Bureau is a Trojan horse device which superficially appears to protect the public from Wall Street but in reality does nothing more than provide a false sense of security. It’s another useless bureaucratic mechanism which serves no purpose other than to create another Government department that vacuums up taxpayer money and employs people who are otherwise unemployable in the private sector.

I ask you this, dear Elizabeth, if your Consumer Financial Protection Financial Bureau serves any purpose, how on earth did Wells Fargo’s billions in checking account fraud go undetected. I suspect another person with “Warren” in their name had a hand in encouraging you to leave Wells Fargo alone.

And speaking of Wells Fargo, the show you put on the other day verbally “pistol-whipping” Wells Fargo CEO, John Stumpf, was highly entertaining. But unfortunately, your words are tougher than your actions. Based on the financial regulations (see FINRA, please) that are in place to punish those caught committing financial market illegalities, Stumpf can be held legally responsible for the actions of those below him – his “agents” is the technical term in case you’ve never studied financial regulations.

The size of what occurred at Wells Fargo qualifies Stumpf and his henchman to be indicted with felony charges. I recall in 1988 that the Justice Department threatened Drexel Burnham Lambert with RICO charges for its felonious actions. Of course, that was an era when Congress was not completely captured by Corporate America.

I’m sure your theatrics helped increase your support base in Massachusetts. It’s too bad no one will hold you accountable. I also see that your 2nd and 6th largest sources of campaign funds come from laws firms who represent Wall Street banks and from Wall Street itself: Elizabeth Warren campaign donors.

And speaking of being held accountable, maybe you can explain why you oppose any legislation that would force an open, independent audit of the Federal Reserve. I understand why you won’t go after Stumf and Wells Fargo beyond verbal castigation, but your position on an Fed audit ceaselessly baffles me and all of my colleagues…

Dear Senator Warren:

On September 20, 2016, you appropriately excoriated CEO John Stumpf about the consumer fraud that took place at Wells Fargo Bank. Again and again, you used the word “scam” to characterize Wells Fargo’s actions, and this was the proper word for you to use. It was a scam, plain and simple.

Over a period of several years, Wells Fargo created more than 2 million accounts to flatter its numbers and increase its stock value, thereby increasing the value of senior executives’ stock options.

Many of the phony accounts were dormant and incurred no fees, but certain other accounts, such as credit cards, did incur fees.

Erring on the side of excess, let’s assume that the actual cost to Wells Fargo customers was $1,000.00 per phony account. This would mean a $2 billion fraud, in total. If we assume that these accounts were created over a 5 year period (it was probably longer), the scam would have amounted to roughly $400 million per year.

This $2 billion consumer fraud has correctly inflamed members of Congress, making you and your Capitol Hill colleagues irate, as we witnessed during the fiery House and Senate hearings.

Yesterday, October 4, 2016, a different kind of consumer fraud occurred. But this one was more than 100 times greater in amount, in ONE DAY, than Well Fargo’s entire multi-year fraud.

This fraud resulted in the theft of $246,758,400,000.00 ($246.8 BILLION) from people all over the world.

This SCAM affected rural farmers in India; common villagers throughout Africa; elderly retirees in Japan; young newlyweds in China; small shop owners in Tibet; flower merchants in Peru; nurses in Argentina; school teachers in Canada; and people of every type of vocation and station in the United States.

This SCAM hurt people of every single socio-economic class; every race, religion and creed; every age; every ideology, political and otherwise; and every other imaginable human description. And it hurt them in every single nation throughout the entire world. The common strand connecting hundreds of millions of people fleeced by this SCAM is that they are simple, ordinary, everyday human beings trying to enjoy a decent life and future.

From facts documented for more than a decade by formal researchers such as those at an organization known as GATA, we know without a shadow of doubt that this SCAM emanates from the United States, even though it affects people throughout the world.

What we witness is massive, condoned, formal, organized Wall Street theft. And since this type of theft has been happening for years with no Congressional or regulatory action of any kind against it, it also constitutes state sponsored financial terrorism, deliberately intended to inflict financial harm on innocent, honest, hard-working, everyday citizens worldwide.

From the dawn of human civilization, man has searched for honesty in all its glorious forms. Honesty is what makes civilization possible in the first place. When there is no honesty, civilization disintegrates. Where only dishonesty, corruption and deceit prevail, chaos and inhumanity rule.

One of the basic forms of honesty sought by humanity from the beginning was a reliable, truthful money. Honest money is a critical prerequisite to a functioning civilization. Early people discovered such a form of money, and their discovery was so powerful that it has reigned uninterrupted in the mind of man and in markets for more than 5,000 years.

It is called Gold, and perhaps you own some yourself. Perhaps you received it as a keepsake handed down to you by a parent or grandparent, with all its sentimental powers. Perhaps it is a beautiful piece of jewelry given to you by a loved one or yourself, or perhaps you saw a gold coin one day and purchased it for its value and its beauty. Those who own gold cherish it, and I would imagine you cherish yours, too, if you have some.

During this period of 5,000 years, by honest toil, deployment of capital and engineering brilliance, mankind has brought forth from the earth 183,600 metric tonnes of gold, or nearly 6 billion troy ounces. This amounts to not quite 1 troy ounce for every person on earth. In fact, if everyone wanted to own gold equally, they could only possess is 0.77 troy ounces of it. So we see how rare it truly is, despite 5,000 years of struggle to find, mine and distribute it.

Yesterday, October 4, 2016, a day that will live in infamy, the price of gold was crushed $42.00 per ounce by the financial elite (or, what I call, the “eleech”), with full state blessing, for the dual purposes of monetary enforcement and outright theft. The perpetrators of this SCAM walked away with hundreds of millions of dollars of direct, private profits, which they always do when they conduct these repeated attacks on the price of gold.

The citizens of the world were not nearly as fortunate as the fraudulent and thieving eleech. 5.875 billion ounces of gold lost $42.00 per ounce in price, for total global wealth destruction in the amount of $246,758,400,000.00, aka 246.7 BILLION dollars, on that date.

This constitutes one of the largest, outright, one-day THEFTS in human history. History’s other record-setting thefts also cluster around this exact form of fraud, which has been happening now for decades with no Congressional or regulatory action of any kind whatsoever taken to stop it.

Aside from providing a risk-free ability for the Wall Street eleech to steal hundreds of millions of dollars from people around the world, with zero risk of facing any type of criminal charge at all, the purpose of these price attacks on gold is to scare people away from owning it.

The for-profit Central Bankers have monopoly products called fiat currencies. These currencies are deliberately designed to diminish in value. We know this for a fact, because one of the mandates of the Federal Reserve Bank is to create inflation. They actually tell us this in plain English. They want us to believe that the gravest monetary problem we face today is that there is insufficient inflation, and that higher prices would be a great benefit to Us, the People. Naturally, this kind of brazen, self-serving lie is an insult to the People’s intelligence. The people are not stupid, and it is a grave error when politicians, officials and/or the eleech think we are.

People all over the world are waking up to the fact that fiat currencies are a serious danger to their financial well-being, and they are looking for alternatives in order to avert this danger. Historically, tangible things, including precious metals, are a way to achieve this. Given your focus upon matters financial, Ms. Warren, surely I’m not telling you anything you don’t already know.

Monopolists everywhere despise the idea of their monopolies being challenged. They are particularly fearful when the truth starts to leak out about a monopoly product that is drowning in fraud, corruption and lies, and that is defective. When it comes to human perception and understanding, a spark can become a firestorm in the collective consciousness in the proverbial wink of an eye. The absolute last thing corrupt monopolists can permit is a Great Awakening.

For years, and particularly since 2011, when precious metals market forces impressively began to break free and exert themselves, there has been a systematic effort to smash their prices. The technique used to do this is to dump millions of ounces of nakedly shorted paper metals onto the markets in a matter of seconds or minutes, creating a price avalanche.

This is deliberate price manipulation, and therefore fraud. It delivers a handful of eleech insiders huge financial gains, at the expense of everyone else, while also advancing a diabolical and thoroughly dishonest monetary agenda.

This has happened literally hundreds of times over the past four decades, but the problem is getting worse. Apparently, the perpetrators are getting addicted to the huge sums of money they can steal in a mere few hours. It also tells us that the monopolists at the Central Banks are getting very worried about something. Therefore, they are deliberately creating phony metals prices in order to confuse, deceive and create false illusions among the public about their defective monopoly products.

Senator Warren, you have shown extreme interest in and moral repulsion over the $2 billion Wells Fargo SCAM, so I would imagine the $247 billion one-day, oft-repeated SCAM that I have outlined above will pique your interest, too. Yes? I certainly hope so.

On a broader, closing note, Ms. Warren, when one views the current landscape, it appears that our leading national export is Wall Street greed and fraud. This greed and fraud brings shame upon and disgrace to our nation. To any sentient person, it is repulsive. Having watched you grill Mr. Stumpf, I know this kind of avarice and corruption is particularly repulsive to you.

My belief is that the people of the world are waking up to how the Wall Street eleech are financially hurting them, and that the people are rightly getting angry about it. Our standing in the world appears to diminish every day, in large part due to the financial abuse that a tiny, arrogant, greedy, corrupt cabal of American moneysuckers inflict upon decent people throughout the world. The egregious manipulation of gold market is a glaring, nationally embarrassing, “poster child” example of this abuse.

You can help your country and its citizens right now by focusing your energy, intelligence and sense of ethics upon this disgraceful crime.

I will let this message sink in for a day or two, and will then contact you so we can discuss it in further detail, and speak about how this abuse can be stopped.

14 thoughts on “An Open Letter to Elizabeth Warren on Gold Fraud”

I would say only once change/addition: that Senator Warren and her colleagues in Congress should be held to the same standard that Senator Warren says Mr Stumpf should be held to regarding accountability. In that matter it is not just the manipulation of gold but the ongoing trillion dollar increases in debt where members of congress have a joint and individual fiduciary responsibility for.

This however barely scratches the surface. We the People employ Congress and the approximate 23 million government workers across the US. It is not the other way around. Where, for example, is Senator Warrens outrage over a Fed that has 40 billion of net worth at most, with 4.5 trillion of assets? This is in addition for auditing the Fed as the Fed reports that financial leverage.What do we not know?

The trade deficit came in at 40 billion today and it was actually deemed to be “good”.

Back in the old days, pre-Aug 1971 countries used to settle trade deficits at the end of a year by settling in gold. e obviously do not do that anymore, however 500 billion in annual trade deficit I think is a settlement on gold of about 11,000 tons of gold.

As a fiduciary Senator Warren and her colleagues should be striving to “fairly present” the financial condition of the US and strive to make it correct.

One more matter for here. The GAO prepares an annual Government GAAP based set of financial statements each year that shows accruals, and needless to say that loss is bigger than the debt increase which is running 2:1 over the stated budget deficit.

The GAO also writes a 29 page internal control deficiency memorandum each year to The President, Speaker of the House and Senate leader and have done so for 2 decades I can find. An internal control memorandum like the one issued by GAO would be a death knell for most CEO’s. The GAO report says the books and records of the US are un-auditable and cannot render an opinion. And this is done by an in-house agency of the US! This report, like the CBO says the US Debt path is unsustainable.

So there is a lot of work to do and We the People are not getting our monies worth out of recent elected leaders, just a few decades of it though.

The US Government, President and Congress, ignores this report. Year in , Year out.

The several issues include we are all preaching to the choir and it is not all that large a choir.

We also recall I think it was just Dec 2015 (vs Dec 2014) when Warren fought the banks putting derivative books in FDIC covered entities. She lost and and somewhere around that time a story was related in her book a story about larry Summers taking her to lunch and telling her that if she wants to be at the adult insider table she has to play along.

Volumes can be written on all of this and folks like you and Dave are doing that.

I thank you for focusing my thoughts and thank Dave for passing it on to us.

Bravo Stewart,
As for Ms. Warrens’ “sense of ethics” I believe you are appealing to an individual and her cronies who have demonstrated over the years that they have no ethics, morals or integrity. It is shameful what they have done to this once revered country to satisfy their own fraudulent greed. May God’s money gold and silver prevail.
Duane

Nothing, I mean nothing, will be done by anyone in power to correct the ongoing scam your reference, because 1). this particular scam is the ONLY thing that is working for them right now. 2). the scam artificially props up the world reserve currency; a fiat dollar that we (US) are willing to make the ultimate sacrifice to protect by invading and waring with sovereign countries.

Do you think any individual, Warren or anyone else, either has the power or even the will to pull the lynch pin that holds this entire system together?

Taking on the gold manipulation scam is a direct assault on the sovereignty of the United States itself, and would rightfully viewed as an existential threat and an act of war, one that would be responded to with all the force and might of empire.

Anyone praying for or hoping that a white knight will ride to rescue in response to a small minority who protest a fraudulent system and rigged

You correctly identify the problem and its obvious motivation but you make a fatal assumption about the solution. It fact, it matters not one jot or one tittle what the ‘official’ US govt. ‘policy’ is towards gold (or silver) because the whole edifice on which the ‘Dollar Reserve Currency’ depends upon is so compromised and unstable that it will collapse very suddenly and very soon. All these theatrics to ‘control’ gold and silver prices are ultimately futile (a fact the US Govt./Federal Reserve know extremely well) as, very shortly, US Treasury debt (in the form of Treasury Bills) will not be accepted by a large number of countries in payment for international trade. This will mean, to all intents and purposes, that the US dollar is refused in payment so, its international reserve status will, immediately, become untenable. A new international trade and financial system which supersedes what is, in effect, the tattered remnants of the Bretton Woods Agreement, 1944, which had gold at its centre until Richard Nixon, in August 1971, removed gold from international trade payments and replaced it with a cobbled together ‘arrangement’ of a commodity-based/backed US dollar by enforcing all payments for oil to be made in dollars. That is the ‘arrangement’ that we see being dismantled now. The vast majority of people have no idea that the dollar has survived since August 1971 by means of the sleight-of-hand called the ‘petro-dollar’. The thing is now in tatters as is witnessed by the falling oil price with the dollar rising temporarily as oil-producing nations state treasuries divest (sell) US Treasuries they were forced to buy with the proceeds of oil sales now are able (for the first time in 45 years!) to sell their oil in other currencies. This in turn will mean that soon the dollar itself will begin to fall against other currencies as its use (primarily for oil sales and purchases) is drastically curtailed. It is like kicking out a prop supporting an unstable fence: without the prop, the fence collapses. It is that simple. Therefore, the attacks on the price of gold and silver as ‘rivals’ or ‘competitors’ to the US dollar (or if you prefer, the golden and silver canaries in the gold/silver mines) will not be effective: no amount of dollars will affect the price of gold and, indeed, gold will be insulated, protected from such attacks as it will become central to international trade payments both at government and corporate levels – in other words it will be used in trade ‘balance of payments’ transactions at government level and also by companies in trade and commerce transactions for payment of goods. The timing is still unclear but there is no doubt that this new international trade payment system bypassing the US dollar is soon to be implemented. Many nations are desirous that it be implemented in order that normal international trade can be continued. The new system is not based on threats but on cooperation and mutual trust and that trust is provided (in great part) by the inclusion of gold at its heart.

Therefore, it is wrong to assume that the current system will continue in perpetuity and that the US dollar will always be the ‘world’s reserve currency’ because it won’t. As I say, the timing is still unclear but the intention to replace the dollar is not.

I thought this story, posted on Drudge, may be of interest since you live in Denver and stay on top of trends in the real estate market.

Tax paying home owners will not tolerate this much longer. There will be massive migration out of yuppie neighborhoods located in or near cities if the homeless problem continues unchecked.

The chances of liberal Denver politicians doing anything in defense of property owners and property rights is about as likely as Elizabeth Warren doing anything about the criminals on Wall Street, her and the Democrats largest campaign contributors.

If it is bad in Denver, I can only imagine what it is like in Los Angeles, San Francisco, New York, Baltimore, Philadelphia and Chicago.

Homeless Couple Having Sex In Public Last Straw: Denver Residents Moving Out

Your letter has been in my possession, a copy of which was passed on to United States Treasury, specifically the Exchange Stabilization Fund.

I assure you the matters you raise will be dealt with urgently. In fact, an appropriate response of dumping more paper contracts for both gold as well as silver has been taken as early as Thursday Oct. 6, 2016 itself. I hope you will find this response to your utmost satisfaction.

Is anything of any substance ever going to happen – without the forces of Mother Nature market – truly taking over? Hell, no!

It’s really not worth trying to find a bottom in (at this time what appears to be) a bottomless market. I bought some on Monday night/Tuesday morning & bottom fell out after that. I have not an iota of regret. I was considering buying a bit more yesterday after bottom fell out again, but got too caught up & said will look at it today.

I came back today and bottom has fallen out again. I’ll buy some more as we speak. Do I know if this is the bottom? I have no clue. And I really don’t care anymore. At some point if the game continues (definitely till Sunday night, before Shanghai market comes back up), I might run out of disposable funds for now. AND the bottom might still fall out, with me not having any disposable funds left to buy even cheaper. Will I shed a single tear with regret if that happens? Hell, no! I’m quite content as is.

Only thing to do under such abnormal conditions to keep buying with the falling knife to the best of your capability and be content. If you get the most ideal deal at the bottom, great! If you don’t, big freaking deal. All these price movements which look super magnified right now are bound to become irrelevant noise after the forces of MOTHER NATURE market take over.

I certainly agree with part of the article on the banking fraud but not his take on some “cartel” or the elites smashing gold. This is utter nonsense. The decline in metals last week was expected and was actually caused by the currency traders at the start of the London afternoon trading sessions. Both the EUR/USD and GBP/USD are in long term bearish trends causing dollar strength equating to commodity weakness including metals. Currency traders on Tuesday pushed the price of the EUR/USD thru the 1200 and when the Comex traders saw what was happening they added their shorts and rode the price weakness back down as the price on the cross was pushed to the 1150 level. After London closed the NY traders pushed the pair up to the 1230 level. Usually the HFT algos drive the gold price up when there is short term dollar weakness, wait for dollar strength to return and then add shorts riding price weakness back down but they held pat and the next day again in the London afternoon session they drove price on the cross again thru the 1200 level and Comex traders then added more shorts riding price weakness back down. The London traders drove price down to the 1100 level and again after London’s close the NY traders drove price back to the 1200 level. This battle between London and New York took place all last week. Remember London wants a weak currency to stimulate exports and the same for the FED. We will find out today at the start of the London afternoon session if currency traders drive price back down again.
Now if you were a follower of Martin Armstrong’s computer models you would have been expecting not only the crosses above to go down but also metals. Months ago they predicted that if gold didn’t break the 1362 bearish reversal level by July’s close we would see price weakness and that happened. Price did not break this level at August’s close, September’s close or the quarterly close and as the models predicted we would see considerable weakness in metals. Price is back again at the 1262 bearish reversal level. The algos have been driving price up not down. First it was to 1360, then to 1372, 3 times to 1366, then to 1361, then to 1357 and 1350 and each time at around the bearish reversal level the traders at the Comex added their shorts and rode price weakness back down. The models track international capital flows moving into or out of markets and this determines price movement whether up or down. The price decline last week in metals is simply how one market’s price movement, in this case currencies, effects price movements in other markets like the Comex, CME and NYMEX. Everything is connected.
I have been listening to audios from the pm promoters over the weekend all claiming there was simply no reason for metal prices to decline as it was the “cartel” smashing prices to instill dollar confidence. This is again nonsense as the price of gold has no effect on dollar strength or weakness but simply international capital flows. Remember the FED needs a weaker dollar for US exports and for banks so foreign entities who have dollar denominated loans easier to service that debt. In other wards the FED needs less confidence not more. As I showed you above there was various reasons why metal prices went down! Again it is the battle between London and New York.